NASDAQ100 Weekly Climbs Almost 5% – Simply Astounding

NASDAQ100 Weekly -

The NASDAQ100 weekly finished up almost 5%.  Stocks continue to price higher based on government tax hikes and ongoing overspending.  Q4 2012 results are due starting mid January – this should be entertaining.  The MACD has hooked, but still shows bearish.  We could be in for some new twelve year – yes twelve year highs if markets find enough momentum next week to push higher.  Channel resistance has been broken – bullish.  The endless streams of bad news and political action-less banter continues out of Washington and Europe – Spain is now emptying their pensions to buy back their debt – in short, no more German bailouts – and the markets climb higher.  The 8 period moving average has hooked up - bullish.  Once this push up end, we expect a substantially bigger drop to follow as Q4 reporting takes effect.  The first line of support that should break in January is near 2900.

Click on chart to enlarge NASDAQ100 Weekly Climbs Almost 5% – Simply Astounding